Oct 23, 2023 - Real Estate

What you have to earn to afford a typical home in San Francisco

Illustration of a door knocker in the shape of a dollar sign

Illustration: Sarah Grillo/Axios

Buying a typical home in the San Francisco area has become even more out of reach, per a new analysis from Redfin.

Driving the news: You need to make $404,332 a year to afford the mortgage on a median-priced home in the area, which was nearly $1.5 million in August, according to Redfin.

  • That's about 25% more than someone needed to make last year to afford the median home.

Why it matters: Americans haven't felt this discouraged about homebuying in decades, Axios' Brianna Crane reports.

Zoom out: The median income in the U.S. is $75,000 a year, but you need to make $115,000 to afford the typical home.

Of note: San Francisco has a number of programs for first-time homebuyers.

What to watch: Earlier this year, the city finalized an eight-year plan to build more than 82,000 new housing units — about 46,000 of those affordable.

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